HBI climbs to highest close since February 12th
Hanesbrands Inc. (HBI) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
HBI ended Wednesday at 14.74 gaining $0.48 (3.37%), notably outperforming the S&P 500 (0.64%). Today's close at 14.74 marks the highest recorded closing price since February 12th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 14.61, the market confirmed its breakout through the prior session high after trading up to $0.17 above it intraday.
Daily Candlestick Chart (HBI as at Aug 05, 2020):
Wednesday's trading range has been $0.43 (3.0%), that's below the last trading month's daily average range of $0.60. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for HBI.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 29th, HBI actually lost -2.60% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Hanesbrands. Out of 428 times, HBI closed higher 50.70% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.80% with an average market move of 0.35%.